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This happens when the Monitor server is not able to communicate with the Cognos Server. This can happen when the Cognos server is not fully initialized. To confirm that the Cognos server is fully started (for the purposes of Monitor) look for an entry like this in the SystemOut.log: SystemOut O The dispatcher is ready to process requests.

You can just continue to the next step and deploy your monitor model. Once the monitor model is deployed, you can always go back in and complete the Congnos cube steps by clicking on: